Jaarverslag 2014

IX. Other information
1 Distribution of Earnings
Articles of association
Distribution of earnings takes place in accordance with Article 28 of the articles of association, which stipulates that
net earnings reflected in the balance sheet and income statement, adopted by the Annual General Meeting, is placed
at the disposal of the General Meeting of Shareholders.
2014 distribution of consolidated earnings
In 2014, a consolidated net profit of US$ 275.9 million was realized. Management proposed a cash dividend of 50%,
profit sharing for management and personnel, a reserve for environmental risk and the remaining balance to be added
to the general reserve.
2 Adoption of Financial Statements of the Preceding Fiscal Year
The 2013 Financial Statements were adopted at the General Meeting of Shareholders held on March 28, 2014 and
included Management's proposal for the appropriation of the 2013 profit.
3 Subsequent events after balance sheet date
On 27 March 2014, the date the financial statements were audited, the following subsequent events were determined:
• On 20 February 2015 Staatsolie was formally informed by the International Court of Arbitration of the International
Chamber of Commerce of an arbitration request of Ballast Nedam Infra Suriname B.V. with reference to a claim
against Staatsolie regarding the execution of a contract for piling and civil work for the Refinery expansion project.
• According to Staatsolie’s 25% interest, cash calls to the amount of US$ 30 million were made to the ‘Suriname
gold project LCC’ in the period January until March 2015.
• On 25 March 2015 the second local bond issue was announced. This loan with a maturity of 5 years will also be
used for the partial funding of our long‐term investment program 2015‐2020.
• Furthermore Staatsolie has the intention to sell the BEM land for the purpose of the operations of the national
electricity company EBS.
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Staatsolie Annual Report 2014